chapter 4 - 4 Entrepreneurship What Entrepreneurs Need to...

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Unformatted text preview: 4 Entrepreneurship What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information about Markets, Competitors, and Government 4-2 Research is to see what everybody e - Albert Szent-Gyorgyi quotes (Hungarian Biochemist, 1937 Nobel Prize for Medicine, 1893-1986) 4-3 Information You Need Potential markets Existing and potential competitors Ability to launch and run a new business Government regulations and policies Capital needs 4-4 Components of Feasibility Answers the question: Is the idea viable? Product or service feasibility Industry/market feasibility Organizational feasibility Financial feasibility 4-5 Concept Test Show or demonstrate a product or service to potential users to measure interest 4-6 Timing to the market First mover Always an advantage? It depends First Mover Second and Late Movers Pros Brand recognition; standard setting; lead time Superior product; proven concept; easier to get funding Cons Flaws, bugs Lost lead time; comply to (not setting) standard 4-7 Competitor Analysis New Venture Competitor #1 Competitor #2 Financial Resources Technical Resources Human Resources Reputation Physical Resources Advertising/Mark eting Resources Relative Product Quality 4-8...
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chapter 4 - 4 Entrepreneurship What Entrepreneurs Need to...

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